Milan-based tech company Bending Spoons saw its shares rally 34% to $51.10 on Wednesday after Warren Buffett’s Berkshire Hathaway injected an additional $330 million into the company. The move represents a major vote of confidence from Berkshire as it expands its technology footprint under CEO Greg Abel.
📌 Key Numbers & Deal Terms:
• $330 Million New Investment: Bending Spoons will issue 10 million ordinary shares to Berkshire Hathaway at $33 per share.
• $930 Million Total Commitment: Builds on Berkshire’s $600 million investment during Bending Spoons’ initial public offering (IPO) in July.
• 4.0% Stake: Increases Berkshire’s ownership to make it the 6th-largest shareholder in the Italian digital publisher.
• 34% Market Rally: Shares surged to $51.10 in early trading following the news, up significantly from the $33 issue price.
💡 Strategic Footprint: Bending Spoons specializes in acquiring and transforming underperforming or struggling digital platforms. Its high-profile portfolio includes video platform Vimeo, AOL, cloud platform Airtable, file-sharing service WeTransfer, and pet-tracking brand Tractive.